A Private Good Is Defined as a Good or Service

question 170

Multiple Choice

A private good is defined as a good or service

• A) that is something tangible.
• B) that is rival and excludable.
• C) that is rival and nonexcludable.
• D) produced by a single country.
• E) that is nonrival and nonexcludable.

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Definitions:

Roulette-Type Game

A gambling game in which players bet on which compartment of a revolving wheel a small ball will come to rest in.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used.

Problem-Solving Barrier

Refers to any obstacle, either internal or external, that impedes the process of finding solutions to a problem, including cognitive biases, lack of resources, or inadequate information.